Pinnacle Foods wraps $2.34 billion refinancing of credit facilities

By Wendy Van Sickle

Columbus, Ohio, March 16 – Pinnacle Foods Finance LLC completed a refinancing its senior secured credit facilities including a new $800 million term loan A, a new $1,239,000,000 million term loan B and an upsized $300 million five-year revolving credit facility.

The deal was led by Bank of America Merrill Lynch and Barclays Bank plc with Goldman Sachs, Credit Suisse and Morgan Stanley as additional arrangers for the term loan B.

The term loan A matures in March 2023 and is initially priced at Libor plus 162.5 basis points with a 0% Libor floor.

The term loan B matures in February 2024 and is priced at Libor plus 175 basis points with a 0% Libor floor, a 25 bps reduction from the previous term loan B.

The revolving availability is a $75 million increase from the previous revolver, which was sized at $225 million.

Pinnacle used $204 million of cash on hand to pay down the prior term loan, which had an outstanding balance of $2,239,000,000 immediately prior to the refinancing, and to pay about $4 million of fees and expenses associated with the refinancing.

Pinnacle Foods is a Parsippany, N.J.-based producer, marketer and distributor of branded food products.

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